Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1887-12-14
THE MESSAGE.
A Brief But Pointed Message Sent
to Congress.
Tariff Reduction the Main Question
Treated by the Tresident--A Doeu-
msnt That the People VIII
Read With Interest.

WAsUIvGrov. Dec 6-The Presidents
message was ready for both houses of
Congress a. soon as business commenced
this morning. Tue document is UNIQUE in
that it deals with oniy one SUBJECTIVE
necessity Of a reduction Of taxation. The
President felt that th : necessity was SO
urgent tnat be departed from the ordinary
custom aHd devoted ms whole message TO
.mp'oss upon Congress the dan ger OF de.
lay. The address p.uugcs into tue ques-
ton 90 the arr as foilows:
10 'tC Ceeor ~ Of me- IaH.6 81 f,s.
Nca are confronted 70 the thrl sho'd OF your
legislative duties with a condition Of the ma
tonal tnarcc which imperatively demands i'm
mediate end careful consideration. The amount
az money annually cXacted, through the opera
lion OF present laws, from the industries and
necessities of the people. largely exceed, the
sum necessary % meet the expenses OF the
Government When we consider that the
theory Of our Institutions guarantees TO every
citZen th1 ful enjoyment of all the fruits of
ms Industry and enterprise with only such de
auction as mas be his share toward the careful
ana economical maintenance of the Govern
ment which protects him. II is plain that the
tNaction Of more than this is indefensible ex-
toriion and culpable betrayal OF American
fairness and Justice
This wrong inflicted upon those who bear the
burden OF National taxation. like other WRONGS
muuplics brood Of evil consequences The
public treasury, which should only exist as
conduit conveying the peoples tribute to its
legitimate objects OF expenditure becomes a
boarding place FOR money needlessly withdrawn
from trade and the peoples use. thus Gripping
our National energies, suspeuding our cOuntry's
development. preventing investment in pro-
ductive enterprises threatening financial dis
turoance, and inviting schemes Of public plum
der.
This condition OF our treasury is not altogether
new; and II has more than once Of late been
submitted 20 the peoples representatives in
the Congress who alone can apply remedy.
And yet the situation still continues with ng-
grayated incidents, more than ever presaging
financial CONFUSION and widespread disaster
II will not do TO neglect this situation because
It's dangers are not now palpably imminent and
apparent. They exist none the less certainly
and await the unforeseen and unexpected occa.
sion when suddenly they will be precipitated
upon US.
On the aOth day OF June. 1885 the excess OF
revenues over public expenditures after COM
plying with the annual requirements OF the
Sinking Fund act. was sli $50, s35Si; during the
year ended June 81, 1886 such excess amounted
TO so 4O3,5i52O; and during the year ended June
3D. 1857, II reached the sum of SIS, so 9jO The
annual contributions 10 the sinking fund during
the three years above specified. amounting in
the aggregate to S13S. $685. and deducted
from the surplus as stated, were made by call
ing IN Tor that purpose outstanding three per
cent bonds OF the Government
During the SIX months prior TO June 80. 1887,
the surplus revenue had grown so large by re.
peated accumulations, and II was feared the
withdrawal OF this great sum OF money needed
by the people would 50 affect the business OF
the country, that the sum OF S1g.Sj4fOO of
such surplus was applied 20 the payment Of the
principal ana interest Of the three per cent
ponds stll outstanding. and which where then
PAYABLE at the option OF the Government The
precarious condition OF financial affairs among
the people stu uceding relief Immediately after
the Sih day OF June, 1851, the remainder OF the
three per cent bonds then outstanding amount
ing with principal and interest 70 the sum OF
si7,s''' ~, were called in and applied to the
sinking fund contribution FOR the current fiscal
year
Notwithstanding these operations OF the
Treasury Department the representations OF
distress IN business circles not only continued
but increased, and absolute peril seemed Ut
hand In these circumstances the contribution
20 the sinking fund FOR the current fiscal
year was at once completed by the ex-
penditure OF SE,6S4, $3.50 in the purchase of
Government bonds not due bearing az
per cent interest, the premium paid thereon
averaging about twenty four per cent for the
former and eight per cent for the latter In ad-
dtlon 10 this the interest accruing during the
current year upon the outstanding bonded in
dcbtedIcss Of the GOVERNMENT WIS To some
extent anticipated, and banks selected as
repositories Of public money were permitted
10 somewhat increase their deposits
While the expedieuts thus employed TO re-
lease TO The people The money lying idle in the
treasury served 10 avert immediate danger
our surplus revenues have continued to aeon
mulate, The excess for the present year amount
ing on The first day Of December TO S5j.s5s..
sjl.la, and i estimated TO reach the sum OF
rllAOOOO on the 3lth OF June next az which
date 10 expected that this sum. added to prior
ACCOMMODATIONS, will swell the surplus in the
treasury 70 fli0Q10000
There seems to be no assurance that. with
such withdrawal from use OF the peoples cir
culatng medium our business community NAV
not IN the near future be subjected 10 the same
distress which was guile lately produced from
the same cause. And while the functions of our
National treasury should be few and simple. and
While its best condition would be reached be-
hcyc, by it, entire disconnection with private
business interests, yet when. by q perversion OF
its purposes. IL idly holds money usclessly suo-
tracted from The Channels OF trade there seems
10 be reason for the claim hat some legitimate
means should b. devised by the Government 10
restore IN an emergency. without waste or ex-
travagance, such money To IT'S place among q
people. II such an emergency arises there
nov exists no clear and undoubted executive
power Of relief
heretofore the redemption OF three per cent
bonds which were payable at the option of the
Government, has afforded a means for the dis
hnrsement OF the excess OF our revenues: but
these bonds have all been retired and there are
no bonds outstanding the payment OF which we
have the right 70 insistupon. The contribution
To the sinking fund, which furnishes the occa
sion Tor expenditure in The purchase OF bonds
mas oeen already made for tho current year. so
inat there Is no outlet in that direction.
a. If
lfciense 81 ANY existing executive power to re-
store, ~ this time, any part OF our s;lrplus roy
enues 10 the people by its expenditure. consists
IN the superstition that the Secretary OF the
Treasury may enter the market and purchase
tue bonds OF the Cover mcut not vet due af a
rate OF premium to be agreed upon The onlv
provision otlaw from which such a power couId
be derived is found in the approximation hin
passed number OF years ago. and il Is subject
20 the suspicion that II was intended as tenn
porary and limited IN is application. instead
o. comforting continuing discretion and
Huthority.
No condition oughs to exist which would
/ Justify the grant OF power TO q single Official.
upon his judgnls nj OF its necessity, TO withhold
from or release 20 the business OF the people in
an unusual manner, money held in the treas
/ ury and thus Affect. at his will. the financial
/ situation Of the country. and IL il is deemed
I wise 10 lodge in the Secretary OF the Treasury
B the authority in the present juncture 10 pur.
/ chase bonds. ii should be plainly vested and
I provided As far Is possible with such checks
ana Limitations will define this officials right
! and discretion. and ~ the same time relieve
/ him from undue responsibility.
In considering the question OF purchasing
bonds a. means OF restoring 10 circulation the
surplus money accommodating in the treasury il
should be borne IN mind that premiums must be
l paid on a large part OF these bouds held IS in
/ vestments which can not DC purchased az arV
I price, and that combinations among holders
who are willing to sell may unreasonably e +
hauoe the cost Of such bonds 10 the Govern
uscnf.
/ IL has been suggested that he present bond
ed debt might be refunded az a less rate OF IN
terest and the difference between IhD old and
new security paid in cash. thus fiadiag use for
the Surplus IN the treasury. The success OF
ibis plan, II Is apparent. must depend upon the
/ yOiition OF the holders OF the present bonds
and Il Is rot entirely certain that the induce
ment which must 10 offered them would result
IN more financial benefit 70 the Government